Listed a home in North Fort Myers as a Short Sale 11 months ago, had an offer on the table about 45 days after taking the listing. The offer was for $230,000 on a home that the sellers owed about $255,000 on. Only one Mortgage. Lender sent out someone to do a BPO and got back to us in a pretty timely manner and rejected the offer stating that the offer was too low.
3 more months go bye and several price reductions later and we get another offer on the home, this one was for $190,000. Had to fight with the lender to send someone out to do another BPO, as the lender said the BPO from months earlier is good enough. Must have sent them 20 comps and finally they did another BPO. Again rejected the offer saying it was too low.
Submitted another offer about 8 weeks ago, no BPO would be done this time as per the Lender. Again we sent out many many comps to show the contract price was at fair market value. No response from anyone at the Lender, called twice a week and nothing.....
Today without a call or anything, we get a fax stating that they have approved this short sale at the contract price of $140,000.... Unreal!!!
Just thought I would share!
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